N.Y. Comp. Codes R. & Regs. tit. 2 § 113.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 113.1 - Extension of time for reporting abandoned property

(a) Pursuant to subdivision one of section 1412 of the Abandoned Property Law, the State Comptroller may extend the time for reporting a deposit account, held by a banking organization for a foreign depositor, which is otherwise reportable pursuant to sections 300 and 301 of such law, upon the receipt by the State Comptroller of evidence to his satisfaction of the existence on file with the banking organization of one or more of the following:

(1) a memorandum contemporaneously executed by an officer or representative of the banking organization stating therein that the person appearing to be entitled to the account had appeared before him and had indicated knowledge of the account;

(2) a memorandum contemporaneously executed by an officer or representative of the banking organization in the ordinary course of business, describing therein the nature of a contact, other than a personal meeting as referred to in paragraph (1) of this subdivision, between such officer and the person appearing to be entitled to the account and stating therein that such person had knowledge thereof;

(3) a sworn affidavit from a third party, having either a familial or business relationship or both with the person appearing to be entitled to the account, attesting that such third party had received a written communication from such person indicating knowledge of the account and attesting to the relationship, and the nature and contents of such communication; or

(4) a written communication received by the banking organization from the person appearing to be entitled to the account which indicates knowledge of the account in a manner previously agreed upon between the banking organization and its depositor.

(b) In any case where a banking organization has on file any notation, entry or other similar writing which may indicate that a contact, as set forth in paragraphs (1) and (2) of subdivision (a) of this section, has or had occurred within five years prior to the effective date of this Part with the person or persons appearing to be entitled to the account, and where such contact had not been reduced to writing contemporaneously with such contact, as required by subdivisions (a) and (b) of this section, then an affidavit executed by an officer or representative of the banking organization no later than three months after the effective date of this regulation shall be deemed to be valid evidence of such contact. Such affidavit shall set forth the nature of the contact and the date thereof.

(c) The time for reporting deposit accounts described in subdivision (a) of this section may be extended by the State Comptroller for a period of not more than five years following the occurrence of one or more of the circumstances set forth in such subdivision, but the total period of retention of such deposit accounts by a banking organization shall in no event exceed ten years unless one or more of the exclusionary acts set forth in subparagraphs (i)- (iii) of paragraph (a) of subdivision (1) of section 300 of the Abandoned Property Law occurs during such period of retention.

(d) In order for the State Comptroller to extend the time for the report and payment of a deposit account as described in subdivision (a) of this section, the banking organization holding such account must request an extension for a specified period of time by submitting to the State Comptroller a statement, acknowledged in the manner prescribed by law, as to the nature of the occurrence relied upon as the basis for the request together with evidence of such occurrence in the form and manner and to the extent that the State Comptroller may require. The statement must also set forth, to the best of the banking organizations' information and belief, the existence of restrictions upon, or impediments to the timely receipt of written communications from the person appearing to be entitled to the account. Within 30 days following submission to him of such statement and supporting evidence, the State Comptroller shall make a determination whether or not to grant an extension of time for report and payment and such determination shall be final.

(e) Any extension of time for the report and payment of a deposit account to the State Comptroller as abandoned property pursuant to this section shall apply to such account only and shall not serve to extend the time for reporting and payment of any other abandoned property as required by law.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 113.1